/By Azernews/

By Fatma Babayeva

Non-OPEC supply for 2016 is forecasted at the level of 0.74 million barrels per day, despite several upward and downward revisions in May, indicating no changes in absolute supply compared to a month earlier, to average 56.4 million barrels per day, says OPEC Monthly Oil Market Report - June 2016.

The downward revisions in Canada, Brazil and Colombia broadly offset upward revisions in the U.S., UK, Russia and Azerbaijan, according to the report.

The report further reads that non-OPEC oil supply in 2016 is subject to many uncertainties from economic and technical to geopolitical factors.

In the meantime, the organization projects global economic growth to amount to 3.1 percent for this year.

Global oil demand growth for 2016 is estimated by OPEC to average 94.18 million barrels per day, whilst demand for OPEC crude in 2016 is projected at 31.5 million barrels per day.

The cartel anticipated oil output in Former Soviet Union (FSU) to grow by 60,000 barrels per day in 2016, revised up due to upward revisions in Russia, Azerbaijan and Turkmenistan this month.

Moreover, total U.S. liquids output is expected to decline by 0.42 million barrels a day in 2016 and to average 13.57 million barrels a day.

However, the overall non-OPEC oil supply for 2015 remained unchanged, averaging 57.14 million barrels per day compared to 55.67 million barrels per day in 2014, according to OPEC’s latest update to historical data.

The report further read that Kazakhstan’s oil production in April declined by 0.11 million barrels per day to average 1.50 million barrels per day, mainly due to summer maintenance at the Karachaganak oil field. A further supply contraction of 40,000 barrels per day is anticipated for Kazakhstan in 2016, to bring production to 1.56 million barrels per day.

The country’s oil production in 2015 declined by 30,000 barrels per day to average 1.60 million barrels per day, according to OPEC’s report.

The OPEC’s June report notes that Azerbaijan’s oil supply declined by 20,000 barrels per day to average 0.87 million barrels per day in April 2016. An average oil supply of 0.85 million barrels per day is expected for the second quarter of 2016 which is 20,000 barrels per day less than in the first quarter of the current year.

The annual oil output of Azerbaijan is expected to decline year over year by 20,000 barrels a day to reach 0.84 million barrels per day, said the report.